US cannabis firm Green Thumb sees revenue high
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US cannabis firm Green Thumb Industries' fourth-quarter revenue beat estimates with a 37.4% jump, bolstered by growth in its consumer packaged goods and retail businesses.
The US cannabis industry saw a boom in sales during the pandemic as people turned to marijuana for relaxation and entertainment.
Wider distribution of Green Thumb’s branded products, new store openings, acquired stores and increased traffic in retail stores were all instrumental to the year-on-year performance, the company said.
“We see continued strong demand for Rythm flower, our flagship indoor premium flower, but essentially the entire pie is growing into this massive demand across really all categories,” chief executive Ben Kovler said.
The company’s retail revenue in the quarter increased sequentially by 8% quarter-on-quarter, driven by revenue from newly acquired stores and increased foot traffic in established stores.
Chicago-based Green Thumb’s revenue rose to $243.6m (€217.6m) in the fourth quarter, surpassing analysts’ average estimate of $237.7m.
Established in 2014, Green Thumb has operations across 15 US markets, with 17 manufacturing facilities and 75 open retail locations.
• Reuters